Fannie Mae Energy Improvement Feature, Whither Art Thou?

Late last year Fannie Mae rolled out a new product, its Energy Improvement Feature (EIF).  The EIF replaced the Energy Efficiency Mortgage.  On paper, the EIF seems to be a significant improvement, allowing up to 10% of the completed appraised value of the home to be for energy upgrades, up from the previous 5% cap.  So far, lenders in Arkansas seem clueless about the new program.  Is there a problem with the EIF, or a problem with Fannie Mae's promotion of the program, or what?  These refinance transactions should be flying off the shelf.  Clues, ideas, personal experience?

Views: 61

Reply to This

Replies to This Discussion

Given the paltry penetration of federal products over the years - FHA wrote only 1,006 EEMs in 2007 - poses at least two possible interpretations.  The Feds are removed and unable to effectively drill down to localities and/or these programs are merely window dressing to convey the impression they are making a contribution they are, in fact, not really that keen on.

Dorian, thanks for the feedback.  You may be right about the Fed lack of interest.  What struck me about the new Fannie Mae instrument is that lenders don't know about it.  In business, if you roll out a new product, you market the hell out of it, right?  If you want to be successful, that is.  I first learned about the Energy Improvement feature from RESNET about 5 months after the program was introduced.  I made contact with some bankers and lenders, and it was news to everyone I spoke with.  How hard is it to send an e-mail blast to your clients?  Fannie Mae could have made that program national news if they half tried. 

If anyone has actually used this Fannie Mae instrument, I would love to hear about it.

RSS

Home Energy Pros

Home Energy Pros was founded by the developers of Home Energy Saver Pro (sponsored by the U.S. Department of Energy,) and brought to you in partnership with Home Energy magazine.

Latest Activity

julie klump is now a member of Home Energy Pros
3 hours ago
Linda Wigington posted an event

Intro to the 1000 Home Challenge Webinar at Eastern Time

December 19, 2014 from 1pm to 2:30pm
Find out how to participate in the 1000 Home Challenge, and explore the results from the first 24…See More
14 hours ago
Linda Wigington replied to Chie Kawahara's discussion THC Candidate Shares Energy Data in the group 1000 Home Challenge
"Congrats to Chie and Kurt! Their home recently achieved Passive House Certification! "
15 hours ago
Chad Mcaulife replied to GEORGE LEVOSINSKI's discussion Good Deals, 66% off Price New in the group Energy Auditing Equipment for Sale, Trade or to Purchase
"How much for just the blaster? "
16 hours ago
Chad Mcaulife joined allen p tanner's group
Thumbnail

Energy Auditing Equipment for Sale, Trade or to Purchase

Discuss the pros and cons of the equipment you are interested in prior to purchase. Post equipment…See More
16 hours ago
Chad Mcaulife joined Leslie McDowell, BPI's group
Thumbnail

Building Performance Institute (BPI)

BPI is the nation's premier standards development, quality assurance and credentialing organization…See More
16 hours ago
Chad Mcaulife replied to billy g pinnick jr's discussion Blower Door Question
"Great explanation but I do not think this is where he was going.  I think he is thinking much…"
16 hours ago
Chad Mcaulife replied to billy g pinnick jr's discussion Blower Door Question
"They are wrong you are right.  You are maintaining 50 pa.  If you had the blower door…"
17 hours ago

© 2014   Created by Lawrence Berkeley National Laboratory.

Badges  |  Report an Issue  |  Terms of Service